snp 500 as @ 3/4/2017

 

Today , we enter into the first trading day of april. Haha, not april fool day, its first trading day.

They used to say, sell in May and walk away. From years of experience, not every May there is a sell down. Moreover, sometime the sell down come eariler and sometime abit later, but its around this time of the year. Inaddition, we should be objective when using chart, if it show sign of breaking up or down, we stick to that direction till otherwise.

So , let us look at snp500 index future to see if there is a clue .

On the monthly chart, March 2017 have done a doji. It have been very strong since Trump take over and also a good run. A doji mean indecision. Thus if this month show us a signal of break down if it go under last month range. If it break above than most likely it might still continue on its uptrend.

Therefore its too early to tell where snp is heading.

On the weekly chart, we do see a rebound last week from low. Indicators are all turning down but price is showing a rebound.This week should be testing the down trendline. Overall trend for the weekly is still up. A break of downtrend line will test high. If fail will test low again.

On daily we see a pull back after correction. The rebound so far already 62%. This is the area where it show that the market is still strong , thus able to rebound to this area. mostly likely, snp are to range untill it break one of its direction. Inaddition, daily chart do a bearish engulfing. We still need a breakdown to confirm that its going to test low. Thus high 2370 and low of 2356 is a important area.

 

On conclusion, we are aware of the few points, last month high 2402 and last month low 2321.

For daily, high of 2370 and low of 2356 is an impotant area to note.

Moreover, we are aware that May is coming and look out for major correction.

We are prepare for any action if index showing sign of a major correction.

As per now, we still in a uptrend after a small pullback.

Weekly and daily is testing downtrend line. A break likely to be sideway or continue up trend.

 

Wishing you a prosperious month.